This week in the United States, millions of people from various political and financial walks are traveling to see their families for the first time in months to celebrate Thanksgiving.
For crypto-minded people, questions about the market can come as fast as “Why did you cut your hair?” or “Why didn’t you become a doctor?” — especially considering the very public collapse of major exchange FTX and the sour reputation of its former CEO, Sam Bankman-Fried. The Cointelegraph team has put together a humorous “how to” guide for American readers to refer to when engaging with cryptocurrency skeptics and curious people while at home, though those in other countries may also find some helpful tips.
“What is an SBF?”
Despite all the three-letter acronyms you’ve heard in the news, family members might have a hard time believing the ex-CEO of FTX isn’t, in fact, a ticker symbol — even though someone launched an SBF token. Goes to Prison (SBFP) on Nov. 21 which has fared slightly better than the exchange and its lead, dropping more than 66% in price. “SBF” stands for “Sam Bankman-Fried”, which led the now infamous FTX to become one of the most prominent companies in the crypto space before its bankruptcy.
Bankman-Fried resigned on November 11, the same day that FTX filed for bankruptcy. He currently resides in the Bahamas, and there has been no shortage of stories and rumors about the former executive and his relationship with the staff. SBF could be extradited to the United States to face questioning by government officials and possible criminal charges.
“Why didn’t you make money off those cartoon monkeys?”
Many in the crypto space and beyond have suggested that the non-fungible token, or NFT, market is in a bubble, but the use cases for the technology go far beyond projects like Bored Ape Yacht Club — which is responsible for many of the images family members see when NFT stories go public. Explaining that NFTs can provide authentication for digital and physical products might seem less important than skimming over the last sweet potato on the table, but if readers are looking for a relatable example to use at home, try this:
“I heard Elizabeth Warren say that cryptocurrencies will ruin the economy”
Whatever your political leanings, no one can deny that Democratic Senator Elizabeth Warren is among the loudest anti-crypto voices in Congress. In a November 22 Wall Street Journal op-ed, The Massachusetts senator said the situation with FTX should be a “wake-up call” for regulators to enforce laws on the crypto industry in addition to associating digital assets with money laundering and ransomware attacks. Many in the space have criticized the senator for taking an all-or-nothing approach to digital assets, often failing to distinguish between centralized front-end exchanges and decentralized blockchain-based projects.
What your older family members see when you’re trying to explain crypto to them: pic.twitter.com/rP1ooVqFCT
— Cointelegraph (@Cointelegraph) October 1, 2022
Despite the current cryptocurrency bear market, many cryptocurrency advocates are not making their companies stand down, cashing out all their digital asset holdings and burning any merchandise bearing the Bitcoin (BTC) logo. In fact, many experts agree that the state of cryptocurrency regulation and legislation in the United States should be addressed soon. And if there had been more regulatory oversight of Bankman-Fried and FTX, the resulting impact on the market might have been less severe.
Politicians from across the spectrum, including Texas Sen. Ted Cruz and former Democratic presidential candidate Andrew Yang, have been outspoken supporters of cryptocurrency and blockchain, but their parents probably aren’t asking them when they’re going to “get a real job” over the holidays. .
Several members of the Cointelegraph team contributed to this article.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.